According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.67 percent from 4.75 a week earlier. Rates for 15-year fixed-rate mortgages dropped to 4.06 percent, the lowest rate ever recorded in the survey. With rates hovering near record lows, the Refinance Index jumped 12.6 percent to its highest level since May 2009. But despite the gains, purchase demand sank toward a 13-year low. More here and here.

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